I don't know if they're scamming people in the sense that they're totally insincere and planning to abscond with the money, but the fact that they're claiming to be capable of producing an AAA game on $250,000 in two years is really setting off alarm bells in my head.

Either they're monumentally ignorant about what kind of money and manpower goes into an AAA title (for reference, this is a category that includes stuff like Bioshock, the Elder Scrolls games, and Assassin's Creed), or they're greatly exaggerating their expected output.

Either way, people are donating to something that is pretty much guaranteed not to happen.