The feasibility of efficient population transfer between an initial state and a decaying target state of the same parity without populating an intermediate state, in the presence of large-amplitude stochastic energy level fluctuations that mimic the dephasing in a solute molecule due to the influence of a solvent, is demonstrated theoretically. In particular, it is shown that a decaying target state, whose decay rate constant is large compared with the band width of picosecond laser pulses but small compared with the associated peak Rabi frequencies, can dramatically suppress the dephasing-induced nonadiabaticity associated with the dynamics of population transfer, resulting in, irrespective of the correlation time of stochastic energy level fluctuations, negligible population in the intermediate state and complete population transfer to the decaying target state. These results should further motivate experimental studies of optical control of molecular dynamics in a liquid. An interesting connection between our results and the quantum Zeno and anti-Zeno effects is also discussed. (C) 2004 American Institute of Physics.