The Arctiinae moth genus Olepa is known for its range of distribution in India, Sri Lanka, and Israel, with 16 extant species. Intraspecific morphological variation is not well-documented, especially for genital characters. Due to these limitations, the taxonomy of the group has become complex. Interestingly, in recent years, there have been more additions of mt DNA barcode studies for this group; here are wrong identifications that end up in erroneous DNA barcode reports, resulting in a flawed DNA barcode library. In the present account, one such study involving synonymy of the species Olepa schleini Witt et al. 2005 under Olepa ricini (Fabricius, 1775) is discussed. With the multiple evidence from studies including morphological, genitalia studies, and phylogenetic work, we propose to resurrect the species Olepa schleini stat. rev. and Olepa neumuthi Orhant, 2012 stat. rev. from the synonymy with Olepa ricini (Fabricius, 1775) syn. rev. Images and genitalia of adults are illustrated and compared, in addition to the discussion on the phylogenetic position of the genus Olepa and the taxonomic position of the species Olepa ricini based on CoI gene tree.