Ok, updates:

I opened the enclosure and checked inside. There was no blown out fuses
or infact nothing remotely resembling a damaged part.

As Ive been thinking, the lights are lit when the power source is
plugged, and the supply for the lights are after the voltage regulator.
So i'm thinking something bad has happened to the drive it self. I
didnt get a chance to test whether the supply goes to the motor or not,
which i will do today.

Also I'll check whether the drive works when I connect it to a PC, else
I guess I'm screwed big time ((( Professional data recovery is $100 a
gig ((