The Sthalapurana of this Divya Desa is told in Brammanda Purana. There is a belief that any one who lost his wealth shall regain it, if he comes to this holy place and prays to Perumal.
Kubera, the Lord of Wealth, had angered Parvathi once and was cursed by Her to loose all the 9 types of Wealth (Nava Nidhis). The Nava Nidhi reached this holy place, took bath in the Theertham and sought Perumalís protection. Kubera sought Parvathiís advise for relief from the curse and was directed to pray Perumal. Kubera came here, took purificatory bath at the Theertham and prayed to Perumal. He got Perumals Darshan as well as his lost wealth. As Nidhi (Thiru) sought protection here, this place is known as Thirukkolur. As Kubera as well as Nidhis took bath here, the Theertham here is known as Kubera Theertham and Nidhi Theertham.
There is another story, that in a fight between Dharma and Adharma, the latter won. Dharma came here and prayed to Perumal. Adharma chased Dharma and came to this place. Another fight started between them here also. However, in this place, due to Perumalís presence, the Dharma won the battle, much to the relief of all Devas who came here to watch the battle. Hence, this place is known as Adharma Pisunam.