Meaning deny? Hmm can't find any connection towards the present meaning. Croats have podrijeti as in 'confer origin of', and also podrijetlo (porijeklo) sharing the same etymology according to Skok, порећи would rather be a newer than an older construct.

rěklo, rijetlo, ricati – I would interpret as source/sourcing, thus the construct po (negation) + ricati, builds poricati = to negate the source, namely deny something.
Pod-rěklo as well as Pod-rijetlo – however builds the construct 'from which source'. In Serbian it is common to lose the unpronounced letters, thus Po(d)rěklo > Porěklo

No. Serbian ortography (and Croatian) is phonological it is truth, but pod is somewhat different than po. It is allreead written in that dictionary:

Promjena prefiksa izazvana je promjenom značenja toga glagola u značenju »nijekati«. Prefiks pod- izražava potajnost (podmititi), kako se i daju nadimci.


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