OP, you can also try out SpaceSniffer. If there's a hidden trash folder on the external, or files are getting re-copied, you can see it happening visually through this app.
Another possibility, given that its Windows 7, is that the File History service is recreating copes of files each time they are deleted. You can check this by right-clicking Computer > Properties > System Protection. File histories are saved on secondary drives or externals and it can be enabled accidentally.
Lets say your External drive is E:\
You delete files from it, unless you press shift key the files will delete and show in the C:\ drive Recycle Bin
Empty the Recycle you will regain the lost space.