This is a failed project, period. Refunding people is the only right thing to do right now, otherwise this is fraud. Instead he just disappears like in most fraud cases.
Imagine someone who owes you money does not repay because "he fears confrontation"...
well, he can be assured things would get ugly if I cross him!
He didn't fear it when he was cashing in all the preorders
Better use a framework like Kickstarter instead of private individuals promising whatever for $$$$ without any guarantee they are even competent to do it.
Vampire Team has shown they are competent and can be trusted, at least some good hardware guys still around!