Angada was the son of the great mighty Vali. He was very eager to attain moksha because of his disgusting feeling by life in this world. So, he meditated Lord Eshwar and reached Rameshwaram to meet all the great Rishis and requested them to show him the way to attain moksha.
Once upon a time, the devas at one end joined with asuras on the other end to churn the ocean of milk for the immortal nectar( Amrit).
They used Mount-Mantrashala as the churning rod and Vasuki (King of the Serpents) as the churning rope. The Devas were unable to pull the rope equal to the Asuras and fell. Knowing this, Vali helped the devas by churning the ocean alone by himself.
Considering that deed, Faithfully, The Maharishis preached the Vedamantras to Angada- son of Vali and guided him to attain Moksha.
He is known as Vedavirpannan and Mahatapasvi. Because of his Tabomahima, he created a holy well and vigourously worshipped Lord Parameshwara and finally attained moksha.
It is the fact that when one takes a holy bath in this well and perform Thila Tarpan, their ancestors (pitrus) will attain moksha.
It is also believed that whoever takes a holy bath can get Wisdom and can attain moksha with the blessings from the Lord Parameshwar.