Appalled Twitter users criticised him and even Greater Manchester Police urged him to come forward.
Greater Manchester Police wrote: "If you hit a cyclist, you are obliged to stop. I suggest you call 101 as soon as possible, I will forward the details on."
A few hours later Mr Qadar wrote: "My previous tweet about the cyclist was obviously not true. I did not hit cyclist. Not today. Not ever. A bad joke on my part it seems."
Two minutes later he added: "Sorry if anyone thought i actually hit a cyclist. Anyone who follows me on Twitter know 99% of the things I tweet is nonsense."
But the damage was done. A police spokesman said: "We are aware of a tweet regarding a collision between a cyclist and a car. We are looking into it and we're asking for witnesses to come forward."
Police are still investigating despite Mr Qadar contacting the force directly to explain that his tweet had been a joke.
The drastic consequences for the young stockbroker have prompted a new debate over whether his bosses went too far by sacking him.
One Twitter user wrote: "What I think is disgusting is the total over-reaction from the righteous Twitter Nazis over a joke tweet. It's a bad joke, end of."
And one of Mr Qadar's original critics posted: "I didn't want him sacked to be honest, it is a bit harsh. An apology would have done for me."
- Daily Mail