Jago, who was handed a promotion to an enlarged global role only last month, has been suspended along with two other executives, William Linnane, head of impulse, and Sean McCurley, who was in charge of convenience.
It brings the total number of top-level staff suspended over the scandal to eight.
Tesco’s new boss Dave Lewis has taken the action after a £250 million shortfall was found in its profits.
Deloitte and Freshfields are investigating the black hole and Tesco said it would give an update to the City on October 23.
In a statement, the UK’s largest supermarket said: “We have asked three employees to step aside to facilitate the investigation into the potential overstatement of profits in UK food for the first half of the year. We will provide an update on the investigation with our interim results on 23 October.”