Dear Dinesh ji,
In Malayalam, chuli ചുളി or chulivu means wrinkles, but I doesn't observe any kind of wrinkled charector related to the plant, and the plant is growing in fresh water or swampy habitat, simply neglected area filled with water.
As growing in this habitat, it is named in Malayalam as chelithamara ചെളിതാമര, cheli means mud with or without water, താമര thamara means lotus (truly it is not a lotus, but having lotus type charectors) and wrongly named as 'chuli'. If anywhere described that the plant has wrinkles, we can accept the name chulithamara ചുളിതാമര. And the name 'ചുഴി chuzhi' means whirl.
Another name kuzhithamara കുഴിതാമര (കുഴി means pit) is correct.
Regards, Sam.