According to local legend, the Buddha visited Dhanyawadi during his life. In Dhanyawadi, the noblemen and the affluent donated their wealth and possessions (mainly gold and silver), to be melted and cast into an image of the Buddha.
It is claimed in local folklore that the Buddha made a stop at Dhanyawadi sometime during his life. The upper-class citizens and the affluent in Dhanyawadi donated their possessions, primarily precious metals, to be reshaped into a statue of the Buddha.