Long ago, a Sage, Romasa was doing penance in Varagunamangai. Satyavan was his disciple. One day when Satyavan was taking bath in the Akanasa theertham here, he saw a fisherman on the other bank, being bitten by a Cobra. The fisherman died on the spot. A Deva Vimamam came and took him to Swargaloka, Intrigued, Satyavan narrated this to his Guru and asked how a fish-killer could get Swarga. Sage Romasa said that all sins of the fisherman were wiped off by the over riding virtue of his loosing the life at such a holy place as Varagunamangai.

There is another story about this place. Log ago, there was a dovout Brahmin, Vedavith. He lived in an agraharam on the banks of Reva river and doing Tapas to God Perumal with Asanathi Mantra. God Perumal appeared before him as an old Brahmin and advised him to go to Varagunamangai which was the most suitable place for his Mantra. Vedavith reached Varagunamangai and did a similar penance. God Perumal gave him Darshan here and also Moksha. As God revealed himself here due to Asanathi Mantra, the Lord here came to be known as Vijayasanan.