Sorry to say this. but sir the title and the summary does not match.
The film "Pancha Thanthram" is a crime thriller staring Prem Nazir in the lead role. The movie revolves around a haunted palace. The most recent lord of the palace made a metal statue of himself and erected it in the palace. However the statue apparently moves itself and murders the inhabitants in the palace including the person who created the statue. Horrified by these incidents, the palace has been uninhabited for the last 20 years and a professor along with his children arrives in the palace to find out the truth. However he himself get assassinated by the statue. A CID detective comes down as a special investigation officer to enquire about the case.
The summary what you have written is of "Nagamadathu Thamourati".
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