The 30-year-old man was riding along Brunswick Street in North Fitzroy near the Fitzroy Bowls Club when he was hit by a black Volkswagen hatchback about 3.15am on April 3.
“The driver, who was believed to be the sole occupant of the vehicle, parked away from the scene before walking back to take a look at the injured cyclist and then driving away,” Victorian police said in a statement.
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Police have released a CCTV image of the man they believe was the driver.
Anyone with information is encouraged to come forward.